[Source: Arizona Republic] — They arrived late to the real-estate-boom party a few years ago. Now mid-rise urban condominiums are like the odd guest that everyone is afraid to approach. Hundreds of pricey condos were built in the past five years, creating an inventory of units primarily in downtown Phoenix, Scottsdale and Tempe, and the Biltmore and Kierland areas. Some developers and investors took a bath as condo prices collapsed and financial troubles cast a shadow on some complexes.
Buyers are carefully weighing a condo investment as they look at what each area has to offer and what they can afford. Realtors and developers say they are seeing an uptick in interest as prices have fallen. In Phoenix, condo towers are part of an emerging mid-city renaissance that includes light rail, students, restaurants, galleries, and restored housing. “We might be crawling, but we’re crawling in the right direction,” said Realtor Michael Fitzpatrick of Phoenix Urban Living. [Note: Read the full article at Metro Phoenix condo agents bank on the draw of city life.]